Prince William Real Estate in Northern Virginia

WOODBRIDGE HOMES FOR SALE, COMPARING FORECLOSURES TO NEW CONSTRUCTION

FORECLOSURES CAN BE A GOOD BUY.  THE BENEFITS CAN BE PRICE, QUICK OCCUPANCY, LOCATION.

PRICE FOR FORECLOSURES.  Most foreclosure owners, banks, mortgage companies, HUD, VA, price their properties based on an appraisal.  Some banks will obtain more than one appraisal to assist with determining the price for the property.  Also, since the foreclosures are listed with local real estate brokers, the agents for the property will also provide the owner with a Comparitive Market Analysis based on recent comparable sales in the community or nearby area.

WHO PRICES THE PROPERTIES FOR SALE?  In a word, THE OWNER.  That means the bank, mortgage company, HUD, VA that owns the home.  The owner has rarely seen the property, the neighborhood, the general area and may be located in an area hundreds or thousands away.  Once the owner (bank) gets the pricing recommendations from the listing agent, the pricing decision is often made based on considerations that have little to nothing with what price it will take to sell the home.  THEY ARE OFTEN VERY WRONG!!

EXAMPLE:  We previewed a foreclosure in Woodbridge this week and found it so overpriced that we wondered if the owner had the benefit of any local comparable information.  For instance, there is a new home builder also selling homes in the community and the new homes are priced approximately the same as the foreclosure.  Not only that, the new home builder has homes in inventory ready for immediate occupancy. 

THE FORECLOSURE - Priced $549,900
The foreclosure was not clean.
The flooring in the kitchen and sun room were vinyl.
The kitchen was standard with Formica counter tops.
The landscaping was not well maintained.
The carpets were in serious need of cleaning.
No warranty offered.

THE NEW CONSTRUCTION - $615,000 with $10,000 closing help.
The new construction was spotless.
The flooring in the kitchen and sun room were hardwood.
The kitchen has stainless steel appliances with Granite counter tops.
The landscaping was trimmed and healthy.
The carpets were new.
Fully finished basement. 
Large deck overlooking yard backing to woods.
New home warranty.

December 2007 Foreclosure SOLDs

ListPrice

PriorPrice

ClosePrice

Subsidy

DOMP

Contact Lenn for a tour of bank owned homes in Prince William County - Phone 800-711-7988

There are several homes in Prince William County real estate priced from $500,000 to $600,000. 

Contact Lenn for a tour 800-711-7988.

Woodbridge $549,900 Colonial 4 3 2 .164

Gainesville $545,000 Colonial 4 4 2 .170

Haymarket $535,000 Colonial 4 3 2 .190

Triangle $549,900 Colonial 4 4 2 .513

Gainesville $538,900 Colonial 4 5 2 .369

Bristow $570,000 Colonial 5 5 2 .476

Haymarket $539,900 Colonial 4 3 2 .225

Bristow $534,900 Colonial 4 4 2 .300

Bristow $519,900 Colonial 4 5 2 .239

Woodbridge $529,900 Colonial 4 4 2 .283

Woodbridge $529,000 Colonial 6 5 2 .260

Manassas $525,000 Colonial 4 3 2 .233

Manassas $588,900 Colonial 6 5 2 .460

Manassas $599,900 Colonial 5 5 2 .918

Haymarket $540,000 Colonial 4 4 2 .303

Woodbridge $506,900 Colonial 4 4 2 .146

Woodbridge $549,900 Colonial 5 4 2 .376

Haymarket $529,000 Colonial 4 3 2 .329

Gainesville $512,900 Colonial 4 5 2 .309

SEE BANK OWNED Home in Woodbridge Virginia Foreclosure for sale - Prince William County luxury home,  4,300 square feet living space.  Located on 6 1/2 acres

Opportunity for a luxury home at a discounted price. 

Contact Lenn to see.  800-711-7988. e-mail

luxury homes woodbridge, foreclosed homes woodbridge, bank owned home for sale woodbridge.